With continued leasing success and construction that is so far under budget and ahead of schedule, SL Green is looking to sell off a piece of its signature One Vanderbilt tower.

The REIT, in a presentation for the Citi Global Property CEO Conference, said it is seeking a joint venture partner for between a 15% and 19% stake in the 1,401-foot-tall, 1.7M SF tower in Midtown Manhattan.

As part of the presentation, SL Green said the $3.2B development is fully capitalized, with a construction loan package at an eventual total of $1.75B. The tower is now 54% leased after The Carlyle Group opted to add another floor onto its lease, bringing its total footprint in the building to 128K SF.

After refinancing its $1.5B construction loan up to $1.75B, SL Green was able to reduce its equity requirement in the tower by $178M. Its joint venture partners in the deal, Hines and National Pension Service of Korea, will have their equity requirements reduced by $72M, down to $453M.

"I think you'll see us probably tap into some JV equity for some significant dollars on ... One Vanderbilt," SL Green CEO Marc Holliday told investors in a conference call in January. "These joint ventures come with a whole array of development fees and incentive fees and the like, which lets us get value for our shareholders for the sweat and resources that we put into these development deals beyond just the creation of value."

It is unclear if the JV partner would assume the equity the current partners are no longer required to contribute to the project. SL Green declined to comment.

SL Green said it has moved its anticipated completion date for the tower up to August 2020, and $375M of its $1.75B loan package was already funded as of Q4 2018.